Eye-Q Super-specialty Eye Hospitals (Eye-Q) – north India’s leading eye care chain – has announced a ‘Series B’ investment by Helion Venture Partners and Nexus Venture Partners, both India-focused VC funds. With this funding, Eye-Q is poised to expand its footprint nationally.
Speaking about the latest infusion of funds, Eye-Q’s Dr Ajay Sharma said: “Since inception, Eye-Q has deployed state-of-the-art technology to ensure the most successful outcomes in eye care. The latest technology backed by the best doctors has also promoted patient safety, convenience and comfort. Going forward, we intend to ensure that we continue to deliver the same levels of quality even as we add on more and more units across the country”
Commenting on the plans for expansion, Eye-Q’s Mr RajatGoel said: “Eye-Q Hospitals’ broad footprint in the north under a hub-and-spoke model has made available world class eye care at affordable prices to people in Tier 2 and below towns. After the latest infusion of funds, Eye-Q will broad-base its operations for a national presence by spreading its wings to other regions across India.”
Set up in 2007 by leading ophthalmologist Dr Ajay Sharma and former Bausch & Lomb honcho Mr RajatGoel, over the past few years Eye-Q has expanded through a combination of Greenfield hospitals and acquisitions. The Company currently operates 16 centres in north & west India under a hub-and-spoke model. In May 2010, the Company received ‘Series A’ investment by SONG Investment Advisors – a fund owned and managed by the Soros Economic Development Fund, Omidyar Network and Google. As part of the latest deal, the funds infused by the ‘Series B’ Investors will be used to add incremental centres to the current network of hospitals. o3 Capital was the sole financial advisor to this transaction.
Added Mr.SanjeevAgarwal of Helion Venture Partners: “We believe Eye-Q has set an exemplary record in eye-care in the north India region. The key to success is the attention to the details and process orientation of the organization. With Eye-Q now poised for unprecedented growth, we’d like to see those benefits extend to people in various parts of India.”
Talking about the latest investment, Mr.Anup Gupta from Nexus Venture Partners said: “Eye-Q has been a great success in providing high quality affordable eye-care. Eye-Q’s management team and strong processes will help it to scale up quickly without diluting the service offering. We are delighted to partner with the EyeQ team to take this journey forward and bring in the benefits of the best eye care to across the country.”
Concluded Mr.VishalVashisht from SONG Investment Advisors: “Since we first funded Eye-Q more than a year ago, it has been an eventful journey, particularly given the recession-proof nature of the eye-care industry. In the forthcoming days, we foresee the past performance being surpassed.”
About Eye-Q Super Specialty Eye Hospitals
Promoted by a team of qualified doctors and industry experts in January2007, Eye-Q is in the business of establishing and operating hospitals that offer a variety of treatments for eye disorders, including surgeries (e.g. cataract), vision correction through prescription glasses and general consultancy for eye ailments. It is currently a 16 centres chain of super-specialty hospitals in Delhi NCR, Haryana, UP,Uttarakhand and Gujarat, and an ISO 9001-2000 registered organization. All Eye-Q centres provide state-of-the-art eye care within affordable range for Tier 2 and 3 residents. The unique hub-and-spoke model of operations allows for leveraging of high-end skills and efficiency in purchase and operations while ensuring maximum market penetration.
For more information about Eye-Q, please visit: www.eyeqindia.com.